Back in March, the State Bank of India (SBI) had announced a waiver of ATM service charges till June 30, 2020, before the lockdown but From July 1, the regular limits and charges will apply to ATM transactions after the limits exceed.
"In view of the announcement made by Finance Minister of India Mrs. Nirmala Sitaraman on 24th March 2020, State Bank of India has decided to waive ATM Service Charges for all ATM transactions made on SBI ATMs and Other Bank ATMs on account of exceeding a free number of transactions i.e 3 in most of the banks up to 30th June 2020," this is what is mentioned on the SBI website. If you are an SBI customer, from July 1, these are the charges and limits that will be applicable for all ATM transactions in India.
Customers with a monthly balance of up to Rs 25,000
As per the SBI website, customers having an average monthly balance of up to Rs 25,000 will get five free transactions at the bank's own ATMs and three free transactions at other bank ATMs located in metro cities, namely New Delhi, Mumbai, Kolkata, Chennai, Hyderabad, and Bengaluru. In total, customers in metro cities will get 8 free transactions (financial and non-financial) in a month. In non-metro cities, such customers will get 5 free transactions instead of 3, thereby making it a total of 10 free transactions in a month for SBI Bank users.
Customers with an average monthly balance of above Rs 25,000 and up to Rs 1 lakh
For these SBI customers, there is no limit on the number of transactions that can be conducted at the bank's own ATMs across Metro and Non-Metro regions. However, there is a limit on the number of transactions that can be conducted on other bank ATMs. As per the bank's website, these customers will get 3 free transactions in metro cities and 5 in the case of non-metro cities.
Customers with an average monthly balance of above Rs 1 lakh
SBI customers having average monthly balances of above Rs 1 lakh will get an unlimited number of transactions free at the bank's own ATMs, as well as at ATMs of other banks across Metro and Non-Metro regions.
Charges that will be levied on exceeding the limit
If the number of transactions in a month exceeds the limits mentioned above, then the bank will levy charges for each customer. As per the bank's website, Rs 10 + GST will be charged for a transaction(Money Withdrawl) conducted at an SBI ATM. In case an SBI customer conducts a transaction(Money Withdrawl) at another bank's ATM, then Rs 20 + GST will be charged per transaction. For a non-financial transaction(NON-Money Withdrawl), Rs 5 + GST will be charged if the transaction has taken place at SBI's ATM. Rs 8 + GST will be charged for each non-financial transaction at another bank's ATM. GST will be levied at 18 percent.
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Reviewed by JD
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August 03, 2020
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